The Ethereum price dropped over 1% in the last 24 hours to trade at $2,674 as of 04:12 a.m. EST on trading volume that rose 125% to $26.7 billion.
This decrease in the ETH price comes as Santiment, a market intelligence platform, says it sees mild signs of a rebound for the leading altcoin’s price.
But what does the Ethereum analysis show?
Ethereum Price In A Bearish Trend As Indicators Signal Continued Weakness
The ETH price daily chart on GeckoTerminal reflects a shift in market sentiment, with price action currently leaning bearish.
After a strong uptrend that peaked above $4,000, ETH has formed a classic rounded top pattern (highlighted in green), often a precursor to a downward trend.
This reversal pattern indicates that bullish momentum has gradually faded, leading to a consistent decline in price.
The ETH price has now fallen below the 50-day Simple Moving Average (SMA) at $3,113.39 and the 200-day SMA at $2,932.97. Trading below these key averages confirms the bearish sentiment, with the price of Ethereum currently at $2,674.38. Additionally, the price recently tested the $2,800 level but failed to break above, indicating strong resistance at that level.
There is also a visible horizontal support zone around $2,650, highlighted by the purple consolidation phase seen in mid-2024. Ethereum appears to be retesting this support after the steep decline, and its ability to hold or break this level will determine future price movement.
Meanwhile, the Relative Strength Index (RSI) sits at 39.56, approaching the oversold region (below 30). This indicates that the price of ETH is experiencing strong selling pressure, though it has not yet reached extreme oversold conditions.
The blue Moving Average Convergence Divergence (MACD) line is at -131.22, while the signal line is at -149.36, showing a bullish crossover that occurred recently.
ETH/USD Price Chart Analysis. Source: GeckoTerminal
ETH Price Prediction
Given the current technical indicators and price action, the Ethereum price seems poised for further consolidation or potential downside movement in the short term. If ETH fails to hold the crucial support at $2,650, there could be a decline toward the next psychological support at $2,500.
On the flip side, if buyers step in and push the price above $2,800, the price of ETH may attempt to retest the 200-day SMA at $2,932, though strong resistance is expected at this level.
Meanwhile, investors are piling into a new Bitcoin-themed meme coin called BTC Bull Token (BTCBULL) that will give free Bitcoin to token holders. 99Bitcoins, a prominent YouTube channel with over 725k subscribers, says BTCBULL has the potential to soar 10X after launch.
BTC Bull Token ICO Raises $2M In One Week
The BTC Bull Token presale has surged past $2.1 million in funding in just one week since launching.
This new meme coin is gaining traction fast because it offers a fresh way to bet on Bitcoin’s (BTC) future. Its value is tied directly to Bitcoin hitting key price milestones.
Users who hold BTCBULL tokens as Bitcoin surpasses higher price targets, like $150,000, will receive airdrops of real Bitcoin – a rare utility among other meme coins.
As Bitcoin marches toward the $1 million target, BTC BULL Token holders will get rewarded along the way.
Investors who hold BTCBULL in Best Wallet will receive free BTC airdrops when the Bitcoin price hits $150k and $200k, followed by airdrops for every additional $50,000 increase in the price thereafter.
There will also be ”a huge BTCBULL airdrop” for the strongest hodlers when BTC hits $250,000, weighted by ”Community Sale purchase amount.”
In addition to BTC airdrops, the team will also carry out token burns, permanently removing a portion of the total supply. The aim is to follow in Bitcoin’s footsteps and increase scarcity and value.
Bitcoin Bull token holders can also earn passively by staking the tokens for a 193% annual percentage yield (APY).
Investors interested in participating in the presale can visit the official BTC Bull Token website to buy BTCBULL for $0.00237 each using BNB, ETH, USDT, or a bank card.
Buy BTCBULL before a price hike in less than 2 days to secure the best deal.
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